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Category Archives: fools ‘n frauds
California, Automakers Defying Trump Agree on Emissions
On April 13, 2018, however, the Trump Administration took the first step toward dismantling the national program when it issued a revised final determination that alleged the federal greenhouse gas standards for model year 2022-2025 vehicles were no longer appropriate.kxhw@aol.com Continue reading
Facebook to Pay $100m for Misleading Investors on Risks from Misuse of User Data Helping Russian Attacks on US Democracy
According to the SEC’s complaint, in 2014 and 2015, the now-defunct advertising and data analytics company, Cambridge Analytica, paid an academic researcher, through a company he controlled, to collect and transfer data from Facebook to create personality scores for approximately 30 million Americans. Continue reading
SEC Charges Engine Manufacturing Company Execs with Fraud
According to the complaint, filed in federal court in Chicago, Gary Winemaster, Power Solutions International Inc.’s former CEO, and two former senior sales executives, Craig Davis and James Needham, caused Power Solutions to fraudulently record revenue for purported sales of products that were not complete, that the customer had not agreed to accept, for which the price was falsely inflated, and from improper “bill and hold” arrangements. Continue reading
Hispanics and Millennials – Big Changes in 2020 Electorate
Non-whites will account for a third of eligible voters – their largest share ever – driven by long-term increases among certain groups, especially Hispanics. At the same time, one-in-ten eligible voters will be members of Generation Z, the Americans who will be between the ages 18 and 23 next year. That will occur as Millennials and all other older generations account for a smaller share of eligible voters than they did in 2016. Continue reading
Ghosn – Muzzled – Bites Back After Nissan Board Ouster
“This is not about greed or dictatorship, this is about a plot, this is about a conspiracy, this is about a backstabbing,” Ghosn said. “I am innocent of all the charges that have been brought against me,” he said. Continue reading
Posted in fools 'n frauds, litigation, people
Tagged auto industry commentary, autoinformed, autoinformed.com, automotive blog, Ken Zino
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Directors Carlos Ghosn, Greg Kelly Voted Out at Nissan
Hiroto Saikawa, President, among others, came under shareholder scrutiny for his protested innocence of having any knowledge of the scandal even though he was one of Ghosn’s “ right hand men…” Continue reading
Death of the Diesel – European Commission’s Ongoing Antitrust Probe Opens Formal Investigation into Possible Collusion Between Audi, BMW, Daimler, Porsche And VW
The EU maintains that Volkswagen, Audi, Porsche colluded, in breach of EU antitrust rules, to avoid competition on the development and roll-out of technology to clean the emissions of gasoline and diesel passenger cars. Continue reading
If Trump Closes the Mexican Border, the Entire U.S. Auto Industry Shuts Down in Days
There are few vehicles assembled in the United States that do not rely on Mexico for at least some parts content. Vehicle assembly is the quintessential “complete set” — an assembly plant cannot build a partial vehicle. Even if a few relatively minor parts are missing, automakers do not make a practice of storing the vehicles and then repairing them when the parts are ready. This repair work alone creates the potential for quality issues. Since it is impossible to do a partial build, the assembly plant and many of its associated supplier plants will be idle until the automaker can obtain sufficient stock to relaunch production. Continue reading
GM Strikes Out Against Usually Winless UAW as Mexican-Made Blazer Pulled from Opening Day Lineup in Detroit
As AutoInformed has covered extensively since November 2018 when GM said it will idle five plants in North America this year and early next year – affecting more than 6000 jobs – the Oshawa shut-out was minor league with major league and world-wide consequences. Continue reading
Brexit Bloody Hell! Now Stock Exchange Issues
Well, it seems that there are risks posed by jurisdictional share trading obligations, which “could increase market fragmentation and impose unnecessary costs on investors,” the SEC said in a whistling past the graveyard observation. Hell, it’s not even clear that the UK can continue to be a key market for funds and fund managers in the United States. Continue reading
Damning SEC Charges on Volkswagen ‘Clean Diesel’ Fraud
2. Winterkorn and other VW executives were made aware of the defeat device as early as November 2007, during a meeting with VW engineers, to discuss the emissions problems with VW’s “clean diesel” vehicles. Continue reading
SEC Charges Volkswagen, Ex CEO Winterkorn of Defrauding Bond Investors During “Clean Diesel” Emissions Scam!
It’s a wide-ranging indictment that could lead to complicated litigation, ruinous fines and settlements, while prompting similar charges and litigation from other countries. As such it’s the latest nail in the diesel coffin. Volkswagen did not immediately respond to AutoInformed. Continue reading
Posted in environment, fools 'n frauds, litigation, news analysis
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Real News: SEC Charges Lumber Liquidators with Fraud
Lumber Liquidators agreed to pay more than $6 million to settle the SEC action. The SEC’s order finds that in early 2015, Lumber Liquidators, a discount retailer of hardwood flooring, made public statements in response to a “60 Minutes” news program episode that showed undercover video of Lumber Liquidators’ suppliers stating that they provided the company with products that did not comply with regulatory requirements. Continue reading
Online Retailer AutoAnything Pays $1 Million Fine for Selling Illegal, Polluting Aftermarket Parts in California
“Although the former AutoAnything, Inc. was a retailer, everyone in the chain of commerce – that is manufacturers, distributors, dealers, installers, and retailers – has an important responsibility to ensure that all aftermarket products they offer for sale have first been exempted by CARB,” said CARB Enforcement Chief Todd Sax. “This settlement is a reminder of the serious consequences for ignoring this responsibility.” Continue reading
Honda Database Leaks 134M Rows of Employee Data
The information available in the database appeared to be something like an inventory of all Honda internal machines. This included information such as machine host name, MAC address, internal IP, operating system version, which patches had been applied, and the status of Honda’s endpoint security software. Continue reading →